NIFTY 27 AUGUST 2021 : Do not short until sell signal confirmed. Key support = 16600

 

Good Morning Friends, 

It was a resilient expiry. Isn't it? 

Traders were expecting fall but it didn't came. I was also ready for short but I again withdraw my decision and I may opt waiting for next week. 

Above it an hourly chart and momentum indicator are close to give sell but signal has not formed yet. Sooner or later it will come. 

I have a threshold of 16600 which was quoted yesterday also. Nifty took turn from that point itself. 

Even for today, if Nifty sustain below 16600 then we can expect profit taking. 

TAKE A CAUTION, DO NOT ADD SHORT TILL SIGNAL GET confirmed. Any market which run near all time high, may not give up so easily. 

Don't put your head why the hell it is not falling. Market never care reasons. 

Looks like a possible reason is disinvestment plan by GoI. Market always like such disinvestment plan. Hence, market may be refusing to fall. Well, I am not 100% sure. It is just a view which I am giving based on history. 

WAIT - WATCH - ENJOY and then TRADE. 

Happy Trading, 

Praveen Kumar